Hochtief,
Leighton
Holdings’ controlling shareholder, has received approval from the Foreign Investment Review Board for its proposed $1.2 billion takeover of the Australian contractor, making its bid unconditional, the company said.

“Hochtief has received notification from FIRB that there are no objections to the acquisition by Hochtief of all the Leighton shares to which the offer relates under the Australian Government’s foreign investment policy," Hochtief said on Friday.

Leighton’s board this week released a target statement recommending investors accept the takeover bid following independent analysis by KPMG.

Hochtief’s offer, which opened on March 31, closes on May 9 unless it is extended.

Leighton Holdings’s new Spanish chief executive, Marcelino Fernandez Verdes, this month appointed a fellow Spaniard with a background in private equity as chief financial officer after firing Leighton’s former CEO, Hamish Tyrwhitt, and former CFO Peter Gregg.

Javier Loizaga, the former CEO of Spanish private equity firm N+1 Mercapital, will move to Australia when he can secure a visa.

Mr Fernandez Verdes, who is also CEO of Hochtief and has boosted the German company’s share price by selling assets and increasing cash flow, wants to restructure Leighton and focus on large infrastructure projects, including public-private partnerships (PPPs.)